CBN Governor, Godwin Emefiele while briefing journalists in Lagos said: “As a responsible and responsive regulator and in consultation with the Nigerian Deposit Insurance Corporation (NDIC), we have decided to establish a bridge bank ‘Polaris Bank,’ to assume the assets and liabilities of Skye Bank”.

He said: “The result of our examinations and forensic audit of the bank have revealed that the Skye Bank requires urgent recapitalisation as it can no longer continue to live on borrowed times with indefinite liquidity support from the CBN. The shareholders of the bank have been unable to recapitalize it.”

It will be recalled that on 4th July, 2016, the CBN took a regulatory action on Skye Bank Nigeria Plc which led to the resignation of the Chairman, all Non-Executive Directors on the Board as well as the Managing Director, Deputy Managing Director, and the two longest-serving Executive Directors on the management team.

Under the current action, the Asset Management Company of Nigeria (AMCON) will capitalize the bridge bank and begin the process of sourcing investors to buy out AMCON.

Emefiele said: “We wish to assure all depositors that under this arrangement, their deposits shall remain safe and that normal banking services shall continue in the new bank on Monday, 24th September, 2018, to enable customers to transact their businesses seamlessly.”